P
Perumahan Rakyat 1Malaysia( PR1MA) Government initiative to deliver affordable housing to middle income households.
Prepayment Payment of all or part of a loan before maturity.
Provisional Lease Land that are yet to be surveyed by the Land and Survey Department. May have tenures of 45, 60 or 99 years.
N
Purpose-built Office When about 75 % of the initial design is made for office use. Supported by other services or facilities like banks, restaurants, retail lots or post offices.
Native Title Land Land in which dealings must be carried out between natives, subject to the Sabah Land Ordinances.
Notice Period The length of notice required to be given by landlords or tenants to end tenancy.
O
Occupancy Certificate( OC) A formal document issued by local authority once the property has been completed and can be occupied.
Off-the-Plan Buying property based on just the plans, before it is completed.
Overhang A building up selling pressure. Defined by the government as projects issued Certificate of Fitness for Occupation or Temporary Certificates of Fitness for Occupation( TCFO) but remains unsold despite being on the market for at least 9 months.
Overnight Policy Rate( OPR) The OPR is generally the interest rate set by BNM and used for monetary policy direction. The OPR correlates to the Base Lending Rate( BLR), which in turns determine the interest rate on your loan. www. PropertyHunter. com. my 41